Wed, Apr 1, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The Big Picture: Forex specialist bearish on sterling

Thursday, February 28, 2013

amb
Glenn Uniacke
An Opalesque column for global macro investors.

Benedicte Gravrand, Opalesque Geneva:

Last Friday, credit ratings agency Moody's Investors Service downgraded Britain's government bond rating by one notch, from Aaa to Aa1. The UK's creditworthiness remains high however, the agency said, despite concerns for the country’s medium term growth outlook, and consequent challenges in the government’s fiscal consolidation programme, high and rising debt burden and "a deterioration in the shock-absorption capacity of the government's balance sheet, which is unlikely to reverse before 2016".

Moody’s expects "that a combination of political will and medium-term fundamental underlying economic strengths will, in time, allow the government to implement its fiscal consolidation plan and reverse the UK's debt trajectory." The rating of the Bank of England was also downgraded to Aa1 from Aaa.

Glenn Uniacke, Head of Options at the forex specialist Moneycorp said the previous week he expected the downgrade, citing Britain’s economy going backwards and its government set to miss its deficit targets. At the same time, he said, sterling is being slaughtered and has fallen below last year's low against the euro. The one crumb of comfort, he conti......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner